Victory Energy plans to restate its annual and interim financial statements for 2007 and interim financial statements for 2008 due to errors contained in the financial statements. As a result, investors should no longer place any reliance on any of the Company's financial statements covering 2007 and 2008.
Wednesday, April 29, 2009
First Oil Flows from West Don Field in UK North Sea
Petrofac has announced the commencement of production from the West Don field in the UK North Sea. Petrofac Energy Developments is Operator of the field with Valiant Petroleum, Nippon Oil Exploration and Production (UK) Ltd, Stratic Energy and First Oil as its development partners.
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Oil Sands Cos Still Hesitate on Projects Despite Falling Costs
Costs in Canada's pricey oil sands are starting to fall but nervous developers are still leery of giving the green light to stalled projects.
Last week, Husky Energy Inc. (HSE.T) said estimated costs for its proposed Sunrise oil sands development -- a joint venture with BP PLC (BP) -- had nearly halved to C$2.5 billion, from earlier projections of C$4.5 billion. The company is the first to provide hard numbers but there is plenty of informal chatter of cost savings within Alberta's oil sands following the wave of project cancellations and delays at the end of last year.
Crude Oil Declines a Third Day as Swine Flu May Curb Fuel Use
April 29 (Bloomberg) -- Crude oil fell for a third day on concern that fuel demand will drop as the swine-flu outbreak curtails travel and delays a recovery from the global recession.
Oil, gold and copper declined yesterday as the World Health Organization raised its global pandemic alert to the highest since the warning system was adopted in 2005, saying the disease is not containable. Crude rose in eight of the past 10 weeks as the stock market climbed on speculation that the economy and energy consumption would rebound later this year.
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Oil, gold and copper declined yesterday as the World Health Organization raised its global pandemic alert to the highest since the warning system was adopted in 2005, saying the disease is not containable. Crude rose in eight of the past 10 weeks as the stock market climbed on speculation that the economy and energy consumption would rebound later this year.
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Crude Oil, Gasoline, Rise as Supplies of the Motor Fuel Decline
April 29 (Bloomberg) -- Crude oil and gasoline rose after a government report showed an unexpected drop in U.S. inventories of the motor fuel as refiners reduced operating rates.
Gasoline supplies declined 4.7 million barrels to 212.6 million last week, the biggest reduction since September, the Energy Department said. Stockpiles were forecast to rise by 200,000 barrels, according to a Bloomberg News survey. Prices also increased after stocks rallied and the dollar dropped.
Crude rises despite large inventory build up
NEW YORK – Oil prices rose Wednesday even though the government reported that the United States is consuming less than it has in years and inventories are bloated with the most surplus crude in nearly 19 years.
Still, gasoline prices have largely stagnated since rising above $2 for the first time this year in late March.
Waxman, Markey agree to additional climate change hearing
WASHINGTON, DC, Apr. 29 -- Democratic leaders of the US House Energy and Commerce Committee agreed to hold another hearing on climate change legislation on May 1, but said their record in working with the minority is better than their Republican predecessors.
"Our extensive hearings and the many accommodations we have provided to the minority far surpass the process you provided Democrats when you and your Republican predecessors controlled the committee," Chairman Henry A. Waxman (D-Calif.) and Energy and Environment Subcommittee Chairman Edward J. Markey (D-Mass.) said on Apr. 27.
Producers wary as Colorado's oil, gas rules become law
WASHINGTON, DC, Apr. 29 -- Colorado Gov. Bill Ritter Jr. said that new oil and gas regulations would allow the industry to grow in a sustainable way compatible with the state's economy as he signed them into law on Apr. 22. Producers remain concerned that the rules will simply create more delays and expenses.
"These rules were shaped with valuable input from people all across the state and unanimously adopted by the Colorado Oil & Gas Conservation Commission [COGCC]. They strike the right balance, a balance that recognizes the importance of a healthy industry and the importance of healthy communities, water supplies and wildlife," the governor said.
NPRA's Drevna expresses concern over cap-and-trade bill's provisions
WASHINGTON, DC, Apr. 27 -- US refiners have serious concerns about proposed climate change legislation's ability to support new technologies for reliable, affordable, and clean energy fuels, a leading petroleum trade association's president told Congress.
A law to address climate change should set a realistic carbon reduction target without political preconceptions or punitive provisions, Charles T. Drevna, president of the National Petrochemical & Refiners Association, told the House Energy and Commerce Committee on Apr. 24.
MARKET WATCH: Crude prices continue to rally
HOUSTON, Apr. 27 -- Crude prices continued a 4-day rally Apr. 24 on the New York market, led by a surge in the general equity market on reports of better-than-expected earnings by top companies in various industries.
"Surprisingly perhaps, stock markets have rallied in the past month, and it will be interesting to see in the next few weeks if it can last," observed analysts at KBC Market Services, a division of KBC Process Technology Ltd. in Surrey, UK.
Friday, March 27, 2009
Oil Growing excitement, expectations for green jobs corps
(CNN) — When Rita Bryer sees 300-foot-tall wind turbines sprouting up from the prairie near her home in western Oklahoma, she can’t help but wonder about the view from the top, where blades the size of semi-trucks spin.
“Out here, you can see the wind turbines from 10 miles away,” she said. “Think about how far you’ll be able to see when you’re at the top.”
So, partly out of curiosity, partly because she wants to be part of something new, the 51-year-old is leaving behind a career of odd jobs and oil-field work.
Oil and Gas Royalties Buyer and Seller in Oklahoma
Thursday, March 05, 2009
Oil and Gas Rig counting
Here’s a good visual representation of just how much production has been taken out of the oil market in the US, and why with the combined cuts out of Opec, a new supply/demand balance may indeed have finally been reached.
According to Friday’s Baker Hughes report North American drilling rig totals fell for a sixth straight week. Specifically, for the week ended February 27th, the US lost 57 rigs, mostly gas and mostly onshore Texas and Oklahoma. And according to figures from Stephen Schork of the Schork Report rig numbers are now a third below their five-year norm.
Tuesday, March 03, 2009
Chesapeake cuts Gas production 7%, eyes drilling
By Steve Gelsi, MarketWatchNEW YORK (MarketWatch) — Chesapeake Energy Corp.’s scaling back 7% of its total production and may make further reductions in drilling activity as management comes to grips with low natural-gas prices, the energy giant said Monday.
Chesapeake said the gas market may return to balance by end of 2009, if not sooner, as the Oklahoma City-based company sounded a note of hope after a series of cutbacks.
Wall Street didn’t immediately share the company’s optimism, as Chesapeake shares fell 9% to $14.28 during a brutal sell-off in the energy sector.
Monday, March 02, 2009
Energy giants from abroad shop around
By LYNN COOK Copyright 2009 Houston Chronicle
As falling commodity prices and rising debts force asset fire sales and bankruptcies in the energy industry, foreign companies are joining cash-rich American ones in looking for bargains on U.S. infrastructure and reserves.
“There’s interested international money out there still looking to do deep-water deals in the Gulf of Mexico and onshore as well,” said Houston-based Adrian Goodisman, a managing director with Scotia Waterous, the energy investment banking arm of the Bank of Nova Scotia.
Scotia Waterous officials say the firm closed $20 billion in energy deals last year, second only to Goldman Sachs. They weren’t all done before the financial crisis paralyzed Wall Street last fall, but many that came after were backed by foreign capital.
Pacific Energy Withdraws From Acquisition of Natural Gas Properties
Pacific Energy & Mining Company (PINKSHEETS: PEMC) announces the withdrawal of the acquisition of a 50% operating interest in 16 natural gas wells in the State of New Mexico. After review of the well conditions and further “Due Diligence,” the Company chose to reverse its planned acquisition of the property.
The Company holds interest in the Brennan Bottoms oil field. Brennan Bottoms is composed of approximately 1,700 acres of Federal leases. In Cisco, Utah the Company holds a direct interest in Cisco Springs oil and gas field (11 wells) and in Cisco Township oil and gas field (10 wells).
Friday, February 27, 2009
Oil, natural gas industry continues its impact on state
by Mickey Hepner The Edmond Sun
EDMOND — With names like Phillips Petroleum, Continental Oil and Kerr-McGee, it is clear that energy has played a storied role in Oklahoma’s past. With names like Williams Companies, Devon and Chesapeake it is clear that energy remains important to Oklahoma today. But just how important is it?
This week, the University of Central Oklahoma Policy Institute (www.uco.edu/ucopi), a nonpartisan public policy think tank housed at the UCO released a new report (full disclosure: I authored the report) that quantifies the economic impact of this industry. The report notes that the true impact of the oil and natural gas industry extends far beyond the industry itself. In fact every industry in Oklahoma benefits from the presence of the oil and natural gas industry here.
Obama budget irks Oklahoma delegation
BY CHRIS CASTEEL
WASHINGTON - President Barack Obama’s first budget would cut payments to some farmers and raise taxes on oil and gas companies.The proposals — most of which would have to be approved by Congress — drew swift reaction from members of Oklahoma’s congressional delegation and industry groups.
Rep. Frank Lucas, the top Republican on the House Agriculture Committee, fired off a letter to Agriculture Secretary Tom Vilsack protesting the proposed cuts in direct payments to farmers that have more than $500,000 in annual revenue.
Thursday, February 26, 2009
Summit covers ways to cut U.S. foreign-oil dependence
BY RANDY ELLIS
From algae to oil, Oklahoma is blessed with abundant and diverse resources and research concerning energy.
Making intelligent decisions about how to develop and use those resources is vitally important to the future economic prosperity of Oklahoma and the nation as this country goes through an energy transition, speakers said Wednesday at an energy summit in Midwest City.
As pressure to wean this country from foreign oil has mounted, a lot of national attention has turned to wind as a renewable, nonpolluting alternative.
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